Global markets futures are showing some calm after another tumultuous day on Wall-Street yesterday and EU markets show a positive 2% open this morning. Markets in Asia are showing weakness overnight however it seems that global equity markets priced in the near-term effects of the corona virus crisis and some sectors in the global economy are most likely to be hit hard near term, starting with traveling and leisure and airlines. FX markets turned lower for the dollar index after a strong close yesterday, trading at 96.22 this morning, that’s after a 1.2% gain for the index yesterday. Gold and Silver as well as “safe heavens” are marginally higher this morning, Gold is at $1,660 per ounce and Silver at $17.03 per ounce. The BOE decision to lower interest rates by 50 basis points did little for the GBP or FX markets but is busting the FTSE100 1.65% higher this morning. OIL traded higher from 6-year lows yesterday and the Inventories numbers today as well as more OPEC+ related news are likely to dominate the market near term. OIL closed higher yesterday yet is trading lower by 1.3% this morning at $33.9 per barrel.
UK Annual Budget release at 11:30 am, US CPI at 1:30 pm, US Treasury Sec Munchin speech at 2:00 pm and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday, (all times GMT).
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Global markets are showing some calm this morning after the big reversal day in US equity markets.
Commodities markets are trading flat this morning as investors await more corona virus updates and the OIL inventories numbers in the afternoon.
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